Console output:

Starting XM Conversion... Old Size: 93665
----------------------
Length:        14
Channels:      8
Instruments    9
Patterns:      12
Speed:         6
BPM:           125
Linear Freqs: yes
Loading pattern 0...
Loading pattern 1...
Loading pattern 2...
Loading pattern 3...
Loading pattern 4...
Loading pattern 5...
Loading pattern 6...
Loading pattern 7...
Loading pattern 8...
Loading pattern 9...
Loading pattern 10...
Loading pattern 11...
----------------------
Loading instrument 0...
      0 [main] xm2snes 1123 cygwin_exception::open_stackdumpfile: Dumping stack trace to xm2snes.exe.stackdump

I'm attaching the stackdump file here as well, it could have more information about what exactly is failing.
xm2snes stackdump.zip

The time we fighted with the struggle on getting the program on my end to run, I was running win10. I've changed to win11, same architecture as before (64x). This isn't though the build I used - that was one custom built with MSYS dependencies, as I lack some important MSYS dlls which I get error messages about when trying to convert a module through drag&drop.

That's when I turned to this one, as the MSYS-build doesn't run at all - this does, so I figured it wouldn't be a too big problem, since the necessary dependencies are included.